Gladstone Investment GAIN

John H. Outland, Private investor since June 2006. Other Public Company Directorships Held by Director During the Past Five Years- Gladstone Commercial Corporation (Gladstone Commercial); Gladstone Capital Corporation (Gladstone Capital); Gladstone Land Corporation (Gladstone Land); Gladstone Acquisition Corporation (Gladstone Acquisition); Gladstone Alternative Income Fund (Gladstone Alternative).

Mr. Anthony W. Parker, Founder and Chairman of the Board of Parker Tide Corp., a federal government contracting company providing human resources, procurement and adjudication services to the federal government, with projects in 12 different states, since 1997. Other Public Company Directorships Held by Director During the Past Five Years- Gladstone Commercial; Gladstone Land; Gladstone Capital; Gladstone Acquisition; Gladstone Alternative.

Mr. Walter H. Wilkinson, Jr, Founder and former General Partner of Kitty Hawk Capital, a venture capital firm, from its founding in 1980 through 2016. Other Public Company Directorships Held by Director During the Past Five Years- Gladstone Commercial; Gladstone Capital; Gladstone Land; Gladstone Acquisition; QORVO, Inc.; Gladstone Alternative.

On August 22, 2024, Gladstone Investment Corporation announced the election of Katharine Cornell Gorka to its Board of Directors, effective August 22, 2024. Ms. Gorka, President of Threat Knowledge Group, which provides training and expertise on threats to U.S. national security. President of Revere Pay, Inc. Chair of the Fairfax County Republican Party. Previously served as a Senior Policy Advisor in the Office of Policy at the U.S. Department of Homeland Security from 2017 until 2020. Press Secretary for U.S. Customs and Border Protection, and from 2020 to 2022. Director for the Civil Society at The Heritage Foundation. Other Public Company Directorships Held by Director During the Past Five Years- Gladstone Commercial; Gladstone Land; Gladstone Capital; Gladstone Alternative.

Ms. Michela A. English, Director on multiple non-profit boards. Other Public Company Directorships Held by Director During the Past Five Years- Gladstone Commercial; Gladstone Land; Gladstone Capital; Gladstone Acquisition; Gladstone Alternative.

On October 1, 2026, Erika Highland was appointed as President of Gladstone Investment Corporation. Ms. Highland, age 46, served as the Company's Executive Vice President from March 2026 until September 30, 2026 and as Senior Managing Director from October 2023 until March 2026. She joined the Gladstone Companies in August 2005 and has led the investment activities for numerous portfolio companies, including sourcing, transaction execution, portfolio management, and exit. In addition, Ms. Highland has served, and continues to serve, on the boards of directors of various past and current portfolio companies. Prior to joining the Gladstone Companies, Ms. Highland worked at Wells Fargo Retail Finance and A.G. Edwards in investment banking. Ms. Highland holds a Bachelor of Science in Business Administration, with a concentration in Finance, from Boston College.

On March 20, 2026, the Board appointed John Sateri as the Company's Chief Investment Officer (CIO), effective immediately, and contemporaneously with his appointment as the Company's CIO, Mr. Sateri was also appointed as the CIO of Gladstone Capital Corporation, Gladstone Land Corporation, Gladstone Commercial Corporation, and the Adviser. Mr. Sateri, age 58, has been with the Gladstone Companies since April 2007. Since September 2021, Mr. Sateri has served as Executive Vice President of Investments of the Adviser, serving as a member of the Investment Committee supporting all Gladstone managed credit, equity, and real estate funds (including the Company, Gladstone Commercial Corporation, Gladstone Land Corporation, and Gladstone Capital Corporation) as well as originating debt and equity investments in privately held companies. Mr. Sateri has also served as the President of the Gladstone Alternative Income Fund (GALT) since its inception in June 2024. Mr. Sateri is active on numerous private company boards and holds a bachelor's degree in Business Administration from The University of Hawaii at Manoa and a master's degree in Real Estate Development from the University of Maryland at College Park.

Ms. Paula Novara, Head of Resource Management of the Company since its founding. Ms. Novara is also Head of Human Resources, Facilities & Office Management and IT at Gladstone. Prior to joining the Company, Ms. Novara served as Assistant Vice President of Human Resources with the WMF Group and as a Consultant to Prudential Financial. Other Public Company Directorships Held by Director During the Past Five Years- Gladstone Commercial; Gladstone Land; Gladstone Capital; Gladstone Alternative.

On October 15, 2024, the Company appointed Taylor Ritchie to serve as the Chief Financial Officer and Treasurer of the Company, with such appointment effective November 8, 2024. Mr. Ritchie, Chief Financial Officer and Treasurer since October 2024. Other Public Company Directorships Held by Director During the Past Five Years- Chief Financial Officer and Treasurer of the Company since October 2024. Served as the Company's Accounting Manager from November 2018 until July 2020, the Company's Controller from July 2020 until July 2022 and as the Company's Controller and Director of Financial Reporting since July 2022. Prior to joining the Company, Mr. Ritchie worked for Ernst & Young from 2011 until 2018 as a Manager in the Financial Services practice, focusing on Banking and Capital Markets.

Mr. David Gladstone, Founder, Chief Executive Officer and Chairman of the Board since our inception in 2005, of Gladstone Capital since its inception in 2001, of Gladstone Commercial since its inception in 2003,of Gladstone Land since its inception in 1997 and of Gladstone Alternative since 2024. Founder, Chief Executive Officer and Chairman of the Board of our Adviser. Since 2010, Mr. Gladstone also serves on the board of managers of Gladstone Securities, LLC (Gladstone Securities), a broker dealer that is an affiliate of the Company. Chief Executive Officer, President, Chief Investment Officer. Chief Executive Officer, President, Chief Investment Officer and Director of Gladstone Acquisition from January 2021 until October 2022. Other Public Company Directorships Held by Director During the Past Five Years- Gladstone Commercial; Gladstone Land; Gladstone Capital; Gladstone Acquisition; Gladstone Alternative. On March 20, 2026, David Gladstone gave notice to the Board of Directors of Gladstone Investment Corporation that he has stepped down as the Company's Chief Executive Officer (CEO) effective immediately. Mr. Gladstone will continue to serve as the Chairman of the Board.

Mr. Michael Licalsi, General Counsel since 2009 and Secretary since 2012. Other Public Company Directorships Held by Director During the Past Five Years- General Counsel for the Company, Gladstone Capital, Gladstone Commercial and Gladstone Land since October 2009 and Gladstone Alternative since 2024. Secretary for the Company, Gladstone Capital, Gladstone Commercial and Gladstone Land since October 2012 and Gladstone Alternative since 2024. President of the Administrator since July 2013. Managing Principal and Chief Legal Officer of Gladstone Securities and member of its board of managers since October 2010. General Counsel and Secretary of Gladstone Acquisition from January 2021 until October 2022.

On March 20, 2026, the Board of the Company appointed David A.R. Dullum as the Company's CEO, effective immediately, in addition to his current role of President during a transition period. Prior to this promotion, Mr. Dullum, age 77, served as the Company's President since April 2008 and served on the Board from June 2005 to August 2015. Mr. Dullum has been with the Gladstone Companies since February 2008. Mr. Dullum is an Executive Managing Director of Gladstone Management Corporation (the Adviser), served on the board of directors of Gladstone Commercial Corporation from August 2003 to May 2015, and served on the board of directors of Gladstone Capital Corporation from August 2001 to February 2015. Prior to joining the Gladstone Companies, from 1995 to 2007, Mr. Dullum was a Partner of New England Partners, a private equity firm focused on investments in small and medium-sized businesses in the Mid-Atlantic and New England regions. From 1976 to 1990, Mr. Dullum was a Managing General Partner of Frontenac Company, a Chicago-based private equity firm. Mr. Dullum has served as the Chairman of NASBIC (now known as SBIA) and on the Board of Trustees of The Stanford Business School Trust. Mr. Dullum holds an MBA from Stanford Graduate School of Business and a BME from the Georgia Institute of Technology.

Christopher Lee, Principal Occupation: Senior Managing Director of the Company since July 2024 and Managing Director since July 2013.

On June 1, 2026, the Board of Directors (the Board) of Gladstone Investment Corporation (the Company) elected George Chip Stelljes, III to the Board, effective June 1, 2026. Mr. Stelljes is currently the managing partner of St. John's Capital, LLC, a vehicle used to make private equity investments. From 2001 to 2013, Mr. Stelljes held various senior positions with the Gladstone Companies, including serving as the chief investment officer, president and a director of Gladstone Capital Corporation, Gladstone Investment Corporation, Gladstone Commercial Corporation, and Gladstone Management Corporation. Prior to his service at the Gladstone companies, for 23 years, Mr. Stelljes served in a variety of roles at multiple private equity and venture capital funds, including Patriot Capital, Camden Partners, and Columbia Capital as well as Allied Capital. Mr. Stelljes is currently the chairman of the board of directors of Equalize Community Development Fund, a closed-end investment company that operates as an interval fund and an independent director of Oxford Square Capital Corporation, a publicly-traded, closed-end management investment company. He is also a former board member and regional president of the National Association of Small Business Investment Companies. Mr. Stelljes holds an MBA from the University of Virginia and a BA in Economics from Vanderbilt University.